Want to grow your business, but still don't know how? Rest assured that we will help you.
The growth strategies of the most successful companies are, for the most part, guided by the financial health of the organization. The intention is to ensure that the business develops safely and sustainably, avoiding as much as possible risks that could harm cash.
With that in mind, we have separated 4 growth strategy for a company for you to evaluate and choose the one that best suits your business model.
Check out! 4 business growth strategies
1 - Launch new products and services
Have you thought about launching new products or services to the market? Know that this is an effective strategy for companies that want to grow in the industry in which they operate.
Staying restricted to a specific segment can be a good idea for those just starting, as this helps the brand to establish itself in what it proposes to do. However, if your goal is expansion, it is very worthwhile to study the possibility of expanding the range - always in a manner consistent with your positioning, of course.
Take Apple as an example. The North American giant began its history focused on computers, so much so that the name of the company was Apple Computer Inc. Since 2007, it has started to develop not only personal computers but also several other products: iPod, iPad, iPhone, software, hardware, Laptops etc.
So, if your company is already established, it may be time to offer something new to your audience. Remember to always be aware of market demands and the essence of your brand. Otherwise, launching a product completely different from the one you have the expertise to do will confuse even your already consolidated customers.
It may seem like a simple and easy strategy, but many challenges are surrounding its execution. Therefore, it is necessary, first of all, to define which new products or services you want to launch on the market.
In cases like this, it is recommended to do market research to identify the main needs of your target audience, to establish which approach would be more appropriate to take during this period of expansion and to forecast the necessary investments for your business in terms of production and delivery.
In addition to aligning this strategy with your positioning, surveys will be very useful so that you don't compromise your available resources. Knowing what your customers want and also how much they would be willing to pay for your new products should be taken as a basic starting point before adopting such a strategy.
Check out our blog: The essential research questionnaire for launching new products
2 - Expanding operating regions
How about exploring new regions of operation and taking your products and / or services to locations that do not yet have access to what your company has to offer?
If your business is already a consolidated success in your city, for example, it may be interesting to adopt this growth strategy and go to other territories. You can do this by opening branches, franchises or investing in e-commerce, for example.
In any case, once again, market and marketing research is necessary to find out if that region you intend to sell to is promising and what marketing strategies would be necessary to promote your brand.
But expanding your business requires much more than simply directing your marketing efforts elsewhere. And that's what we'll talk about next.
3 - Adopt new marketing strategies
As previously indicated, marketing plays a fundamental role in companies' growth strategies. He is responsible for building the company's image and making the brand occupy a prominent place in the mind (and heart) of the audience to which it is aimed.
Therefore, if you want to expand your business, it is important to review your current marketing strategies as well. Proposing new approaches, capable of boosting the presence of your brand in the market in which it operates, can be a way to strengthen your company and transform the brand into a true competitive differential and entry barrier for other competitors.
With the advancement of the internet, digital marketing actions, for example, have proven to be quite efficient. Online ads, social networks, web content production and search engine optimization (SEO) are just a few examples of what can be done.
4 - Learn from competitors
Another way to expand your business is to learn from your competitors. To this technique of looking at the competition, identifying what has worked and trying to adapt to the reality of your business, we call it bench marking.
As the topic discussed here is a company's growth strategies, you can point out which competitors (direct or indirect) have been successful in their respective expansions and identify which strategies they have used. That done, you should ask yourself: can I do this at my company? Does it make sense for my context? How to adapt to this idea?
Remember that bench marking is not copying or plagiarizing the competition. It serves to inspire you in the success of other players and try to bring it to your reality.
Every company needs a solid expansion path to ensure consistent growth. With these 4 tips for business growth strategies, you will be able to propel your business towards success.
The importance of research
Whatever the growth strategy you want to adopt for your company, it is essential that you do research and evaluate the different aspects that influence the success of your decision.
If you choose to launch new products and services, it is interesting that you consult your audience to identify and understand what your main demands are. Otherwise, you may invest time and money in developing a solution that will be useless to your audience.
In advertising campaigns, research will also be important to find out which communication strategies will be most appropriate for the message to reach the right audience at the right time. Media research, for example, is excellent for this.
If you choose to invest in franchises or export your products, it is worthwhile to carry out market research to find out if that region to which you intend to sell or open a franchise is, in fact, promising.
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